As we wait for a federal privacy law in the U.S., the Land of 10,000 Lakes joins a growing number of states that now have their own laws. As expected, Minnesota’s data privacy law has similarities to other state privacy laws and also a few differences—most notably unique requirements around profiling and data inventories.
Bank of America said its profits fell in the second quarter, as higher interest rates ate into BofA's expenses, including its large consumer banking franchise. But like Goldman Sachs, Bank of America saw a resurgence of activity in its investment banking division which helped make up for some of the weakness in other parts of the bank.
On July 3, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) as part of a broader initiative to “strengthen, modernize, and improve” financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs.
Myriam Valdez-Singh Appointed DFPI Deputy Commissioner for Legislation. Jerry Twomey Selected DFPI Deputy Commissioner for BDIA, 2024-25 Assessment Rates for Credit Unions and Money Transmitters and more.
In the first half of 2024, seven new states—Kentucky, Maryland, Minnesota, Nebraska, New Hampshire, New Jersey, and Rhode Island—all enacted their takes on comprehensive privacy laws, bringing the total number of states with such laws up to 19 (20, if counting Florida1). At a high level, most of these laws substantively mirror the provisions in previously enacted state comprehensive privacy laws, including continuing the trend of not providing a private right of action and affording covered entities an opportunity to cure alleged violations.
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